Economics Vocab Ch1-6 pd4

Economics Vocab Ch1-6 pd4

12th Grade

142 Qs

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Economics Vocab Ch1-6 pd4

Economics Vocab Ch1-6 pd4

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Justin Beyersdorfer

Used 1+ times

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142 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does Scarcity refer to in economics?
The fundamental economic problem of having limited resources to meet unlimited wants.
A theory explaining the distribution of wealth.
The study of money supply and demand.
The study of production and labor market.
The restriction on trade between countries.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Capital in economic terms?
Man-made resources used to produce other goods and services.
Natural resources used for production.
The financial funds needed for investment.
The knowledge used to manage a business.
The labor used in manufacturing.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of Economics?
The study of how people use limited resources to satisfy unlimited wants.
The study of how money is distributed in an economy.
A study of wealth accumulation and distribution.
The process of managing natural resources.
The process of producing physical goods.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What defines a Capital Good?
A manufactured item used to produce other goods and services.
A service intended for the final consumer.
A tangible product used for personal consumption.
A raw material in the production process.
A tool used for recreational purposes.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following describes a Need?
A basic requirement for survival, such as food, water, or shelter.
A desire for entertainment or luxury.
A good that fulfills a person’s social status.
An item purchased to enhance comfort but not necessary for survival.
A want for something to show off to others.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by Labor in economics?
The human effort used in production, including both physical and mental work.
The use of technology in the manufacturing process.
Machines used in the production process.
Financial investment in a business venture.
The use of capital to acquire resources.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What defines a Want?
A desire for something that is not essential for survival.
A basic necessity required for survival.
A desire for something that is part of a basic need.
A requirement for economic production.
Something obtained without any cost.

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